Well the we talked about then played to perfection and Bitcoin just broke to the upside. I decided that, since we broke above the May 07 10,033 Resistance and made a new High, it would be productive to look into it again, this time on the 1D chart.
** Before we start, please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
** The April 2019 **
The sequences I compared on that study was the current one after the May 07 High with the April 2019 . As you see they have a lot of similarities: both were made on a 1D Golden Cross (1D MA50 crossing above the 1D MA200) with the LMACD within 0.0 and 0.1. Throughout the 2019 rally, it was the 1D MA50 in support. So far on the surrent 2020 rally, the 1D MA50 is also in support and is plainly what sustains this uptrend.
On a smaller scale (4H time-frame), the pattern is a Channel Up which is still intact and is something I looked into 10 days ago:
As you see during the 2019 rally, the Higher Lows trend-line was also intact until it broke after the June High.
** The key Resistance **
So right now, having made a new Higher High, the Channel Up is facing the most important test of all: The 10500 Resistance of the Cup pattern I mentioned 2 weeks ago, which has been holding for 9 months.
BTC re-enters the long-term Bull Phase only if this Resistance breaks. Do not let FOMO affect you at this stage of the rally. But if it breaks, the immediate short-term target will be of course the $12300 August 06, 2019 High and medium-term the June 26, 2019 $13800.
The 2019 shows that BTCUSD can extend the current rally past the 10500 Resistance. If it can break 13800 that remains doubtful, assuming that we are still inside the accumulation phase of the new Bull Cycle. But we will have plenty of time to discuss that in the coming days if 10500 breaks.
Do you think this April 2019 is BTC's benchmark pattern right now? Feel free to share your work and let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
REGISTER HERE --> https://primexbt.com?signup=139341
*Crypto, Forex,Indices, Commodities
*5 order types
*0.05% trading fee on all assets
Mike Novogratz suggest to look at the relation of Bitcoin to Gold - at the moment there is no significant break-up there. However, is still possible. Many institutions looks at this chart as they look for the store of value. And is obvious that Gold has such function trough thousands of years... Novogratz suggets that the second bullish impact could be if Bitcoin would break-up trough the resistence in relation to Gold.
As on tradingview there is no relation Bitcoin / Gold, however is opposite (XAU/BTC). That is why I took this relation and inverted axis. This is how this is look like: